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Apple Company sold goods on account for 50,000 (L) pounds on November 2, 2006. On that same date, the controller entered into a forward contract to sell the pounds for $1.5920 on March 1, 2007. Apple Company's fiscal year ends on December 31, 2006. The following exchange rates were quoted on the dates mentioned above:
November 2, 2006: Spot Rate $1.6021December 31, 2006: Spot Rate $1.5820December 31, 2006: Forward contracts maturing on 3/3/07: $1.58March 1, 2007: Spot Rate $1.6543
Required:
A. Prepare all necessary entries to account for the above transactions.
B. Indicate the net profit or loss due to foreign currency in the above transactions.
Discuss the rationale underlying the design of the performance report you chose.
On May 31, 2010, James Logan Company had a cash balance per books of $8,205.62. The bank statement from Farmers State Bank on that date showed a balance of $7,749.57. A comparison of the statement with the cash account revealed the following facts..
Dabney's salary is $35,000 while Nancy's salary is $40,000 and they have interest income of $3,000. During the year, they spend $9,000 for child care expenses that are required so both of them can work outside of the home. Calculate the credit f..
If Allowance for Doubtful Accounts has a credit balance of $2,201 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be (1) 1% of net sales, and (2) 12% of accounts receivable.
It is estimated that 4% of credit sales will be uncollectible. What adjusting entry will Manning Company make if the Allowance for Doubtful Accounts has a credit balance of $1,485 before adjustment?
Determine the balance in the Finished Goods Inventory and compute the cost of goods manufactured for November
Nelson Company purchased equipment on July 1 for $27,500 and decided to depreciate the equipment on the straight-line method over its useful life of five years. Assuming the equipment's salvage value is $3,500, the amount of monthly depreciation e..
If an officer is not actually paid his salary but the salary is shown as accrued for 2010, for a C Corp, is the total accrued amount for that officer included on Schedule E or only what the officer is actually paid in 2010?
Hospitalization insurance premiums for Rex and his dependents. The cost of the coverage for Rex is $2,700 per year, and the additional cost for his dependants is $3,600 per year. The plan has a $2,000 deductible, but his employer contributed $1,50..
Precision Tax Service offers tax and consulting services to individuals and small businesses. Data for fees and costs of three types of tax returns follow. Precision provides services in the ratio of 5:3:2 (easy, moderate, business).
Current social trends in corporate taxation have a tremendous impact on how corporations run their business activities. For instance, tax liabilities will affect where a corporation runs its activities-in the United States or in a foreign country-..
Why does a stockholder prefer a high-volatility project? Even though is will maximize the expected value of the company's equity, and therefore increase the value of the stockholder's shares, won't there also be a greater risk of loss on a project..
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